Mortgage Trusted AdviceOur blog provides timely and helpful information about buying a home, money-saving tips, home improvement projects and much more!https://www.washtrust.com/Wash-Trust-Mortgage/BlogWashington Trust Offers Assistance to Homebuyers Through FHLBank Boston Programhttps://www.washtrust.com/Wash-Trust-Mortgage/Blog/PostId/187/fhlbank-boston-programBuying a HomeThu, 21 Mar 2019 14:52:44 GMT<p><strong>March 21, 2019</strong></p>
<p><strong><img alt="" src="/Portals/0/Uploads/Images/FHLB%20Pic.jpg" class="imageright" style="width: 400px; height: 267px;" />Westerly, RI</strong> - The Washington Trust Company has been selected to participate in the Federal Home Loan Bank of Boston’s Equity Builder Program, which assists local homebuyers with down-payment and closing costs as well as homebuyer counseling and rehabilitation assistance. </p>
<p>The $3.6 million program provides grants to financial institutions to assist households at or below 80 percent of the area median income. Borrowers are eligible to receive up to $15,000 in assistance on a first come first serve basis. Buyers must also complete a homebuyer counseling program.</p>
<p>“Homeownership is not easily attainable for many households, so we are pleased to offer this assistance to help individuals and families purchase a home,” said Mary Noons, Washington Trust Executive Vice President &amp; Chief Retail Lending Officer. “Owning a home helps build wealth and create financial stability, and programs that assist homebuyers can be effective in adding to the vibrancy of our communities.”</p>
<p>Washington Trust is eligible to receive up to $150,000 in 2019 through the Equity Builder Program depending on availability of funds. Since 2003, the Equity Builder Program has awarded more than $38.8 million in EBP funds assisting 3,512 income-eligible households to purchase a home. </p>
<p>To learn more about applying for assistance, please contact Washington Trust at (800) 475-2265 or find a mortgage specialist in your area by visiting: https://www.washtrust.com/Personal-Banking/Mortgages/Mortgage-Specialists </p>
<p><strong>ABOUT WASHINGTON TRUST</strong><br />
Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.</p>
<p><strong>ABOUT FHLBANK BOSTON</strong><br />
The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to provide highly reliable wholesale funding and liquidity to its member financial institutions in New England. The Bank also develops and delivers competitively priced financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.</p>187Reverse Mortgage FAQshttps://www.washtrust.com/Wash-Trust-Mortgage/Blog/PostId/60/reverse-mortgages-101TipsTue, 26 Jun 2018 13:07:46 GMT<script src="https://fast.wistia.com/embed/medias/piqmtvwpej.jsonp" async></script>
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<p><em>As seen on The Rhode Show</em></p>
<p>Have you heard the term “reverse mortgage” but find yourself unsure of what a reverse mortgage really is? Here is a quick primer on the ins and outs of reverse mortgages and why they can be a good option to help some seniors through retirement.</p>
<h1>Reverse Mortgages 101</h1>
<h2>What is a Reverse Mortgage?</h2>
<p>A reverse mortgage is a loan available to homeowners who are 62 years or older, allowing them to convert part of the equity in their home into cash. </p>
<p>One of the major differences between a reverse mortgage and a traditional loan is that a reverse mortgage does not require a monthly payment. To qualify for a traditional mortgage or a home equity line of credit, you must have sufficient income and acceptable credit to be approved for the loan. In a reverse mortgage, your eligibility is based upon your age. The loan amount you qualify for must be sufficient to satisfy any existing loans secured against your home.</p>
<h2>Who gets a Reverse Mortgage?</h2>
<p>Seniors age 62+ who own their own home and need access to additional monthly income, or want to free up money to travel or enjoy their retirement. </p>
<h2>Why would someone get a reverse mortgage?</h2>
<p>Nearly 80 percent of those age 62 and older own their own home<sup>1</sup> and may have the option to use that home to help get them through retirement. </p>
<ul>
<li>Their home is their biggest asset - they are living in their piggy bank.&nbsp;</li>
<li>A reverse mortgage can help if they’re living on a tight budget, have medical expenses, or want to travel or just free up money for day to day expenses.&nbsp;</li>
<li>They don’t want to sell the house and downsize to gain retirement money because it’s their home and they want to stay there.
</li>
</ul>
<h2>How does it work?</h2>
<p>The first step in taking on a reverse mortgage is identifying your true monthly expenses with a comprehensive budget. Then, together with a reverse mortgage specialist, you devise the best options for you to use your reverse mortgage proceeds and go through the entire process in detail to ensure that a reverse mortgage is indeed the right fit for your circumstances.</p>
<p>To learn more about revere mortgages, including FAQ’s for seniors and children of seniors, contact <a href="https://6419465146.mortgage-application.net/Default.aspx">Brian Mahone</a>, Vice President, Washington Trust Mortgage Company at (774) 218-0582 or <a href="mailto:blmahone@washtrustmortgage.com">blmahone@washtrustmortgage.com</a> or visit: <a href="https://www.washtrust.com/Wash-Trust-Mortgage/Common-Misconceptions-About-Reverse-Mortgages">https://www.washtrust.com/Wash-Trust-Mortgage/Common-Misconceptions-About-Reverse-Mortgages</a></p>
<p><span class="smalltext">Source: 1: US Census Bureau Housing Vacancies and Homeownership (CPS/HVS)</span></p>607 Things To Remember When Hiring A Contractorhttps://www.washtrust.com/Wash-Trust-Mortgage/Blog/PostId/59/hiring-a-contractorTipsFri, 22 Jun 2018 19:43:24 GMT<p><img alt="" src="/Portals/0/Uploads/Images/blog_7_tips_contractor.jpg" class="imageright" />A home improvement loan is a great way to help pay for big or small upgrades and remodels to your home. Washington Trust’s Home Improvement Express Loan is perfect for financing roof or window repairs, a new patio or driveway, a new furnace, or any other home improvement on your list. But whether you're planning an addition for a growing family or simply getting new storm windows, finding a competent and reliable contractor is the first step to a successful and satisfying home improvement project.</p>
<p>Your home may be your most valuable financial asset. That's why it's important to be cautious when you hire someone to work on it. Home improvement and repair and maintenance contractors often advertise in newspapers, the Yellow Pages, and on the radio and TV. However, don't consider an ad an indication of the quality of a contractor's work. Your best bet is a reality check from those in the know: friends, neighbors, or co-workers who have had improvement work done. Get written estimates from several firms. Ask for explanations for price variations. Don't automatically choose the lowest bidder.</p>
<p>Interview each contractor you're considering. Here are some questions to ask:</p>
<ul>
<li><strong>How long have you been in business?</strong> Look for a well-established company and check it out with consumer protection officials. They can tell you if there are unresolved consumer complaints on file. One caveat: If there is no record of complaints against a particular contractor that doesn't necessarily mean no previous consumer problems. It may be that problems exist, but have not yet been reported, or that the contractor is doing business under several different names.</li>
<li><strong>Are you licensed and registered with the state?</strong> While most states license electrical and plumbing contractors, only 36 states have some type of licensing and registration statutes affecting contractors, remodelers, and/or specialty contractors. The licensing can range from simple registration to a detailed qualification process. Also, the licensing requirements in one locality may be different from the requirements in the rest of the state. Check with your local building department or consumer protection agency to find out about licensing requirements in your area. If your state has licensing laws, ask to see the contractor's license. Make sure it's current.</li>
<li><strong>How many projects like mine have you completed in the last year?</strong> Ask for a list. This will help you determine how familiar the contractor is with your type of project.</li>
<li><strong>Will my project require a permit? </strong>Most states and localities require permits for building projects, even for simple jobs like decks. A competent contractor will get all the necessary permits before starting work on your project. Be suspicious if the contractor asks you to get the permit(s). It could mean that the contractor is not licensed or registered, as required by your state or locality.</li>
<li><strong>May I have a list of references?</strong> The contractor should be able to give you the names, addresses, and phone numbers of at least three clients who have projects similar to yours. Ask each how long ago the project was completed and if you can see it. Also, tell the contractor that you'd like to visit jobs in progress.</li>
<li><strong>Will you be using subcontractors on this project? </strong>If yes, ask to meet them, and make sure they have current insurance coverage and licenses, if required. Also ask them if they were paid on time by this contractor. A "mechanic's lien" could be placed on your home if your contractor fails to pay the subcontractors and suppliers on your project. That means the subcontractors and suppliers could go to court to force you to sell your home to satisfy their unpaid bills from your project. Protect yourself by asking the contractor, and every subcontractor and supplier, for a lien release or lien waiver.</li>
<li><strong>What types of insurance do you carry? </strong>Contractors should have personal liability, worker's compensation, and property damage coverage. Ask for copies of insurance certificates, and make sure they're current. Avoid doing business with contractors who don't carry the appropriate insurance. Otherwise, you'll be held liable for any injuries and damages that occur during the project.</li>
<p><a href="/Personal-Banking/Loans/Home-Improvement-Express-Loan">Learn more about Washington Trust's Home Improvement Express Loan here &gt;&gt;&gt;</a></p>
</ul>596 Items for Your New Home’s To Do Listhttps://www.washtrust.com/Wash-Trust-Mortgage/Blog/PostId/58/new-home-to-do-listTipsWed, 13 Jun 2018 18:33:59 GMT<p><img alt="" src="/Portals/0/Uploads/Images/blog_couple_home_to-do.jpg" class="imageright" />Now that you’re settling in to your new home, there are some important things you need to consider. (The article is also available in Spanish below)</p>
<ol>
<li><strong>Create a budget.</strong><br />
The key to a good budget is including as much information as you can, so that you can adequately prepare and plan. It's important to keep accurate records of your spending so you can spot places to save money and know how much you can reasonably spend. The American Bankers Association’s budgeting worksheet (also available in Spanish) will help you document and categorize your expenses.</li>
<li><strong>Protect your property.</strong><br />
Whether you’re a homeowner or a renter, you need insurance to protect your belongings. Check with your local insurance agent, you might be able to get a discount if you have things like dead bolt locks, an alarm system, or smoke detectors, or if you already have a policy with that company, like car insurance. Also, find out if you’re in a flood zone. If you’re concerned about flooding, you will need to purchase a separate flood insurance policy. Learn more at floodsmart.gov. </li>
<li><strong>Protect your safety.</strong><br />
Make sure all of the locks on your doors and windows work properly. If it makes you more comfortable, look into having an alarm system installed. Also, check your fire and carbon monoxide alarms once a month to be sure they’re working. If you have a dryer, clean the lint from the entire system, from the dryer to the exterior vent cap. Lint is extremely flammable and poses a fire risk.</li>
<li><strong>Take your tax deductions.</strong><br />
Be sure you know all the tax deductions associated with your move and new home. If you use a portion of your home for business purposes or moved for a new job, you may be able to take deductions. Homeowners can deduct mortgage interest, property taxes and loans for home improvements.</li>
<li><strong>Make your house – or apartment – your home.</strong><br />
Decorating your space will make it more comfortable and personal. If you’re a tenant, check with your landlord before making major changes like painting the walls or changing the appliances. Renters should take photos of the rental space before moving in to document the existing condition and insist on a final walk-through with the landlord. If you own your home, be smart about where you invest your money on improvements to ensure you’re building equity in your home. For example, updates in the kitchen and bathroom usually provide the best return on investment.</li>
<li><strong>Save up for a rainy day.</strong><br />
Although life may be sunny now, it’s a good idea to create a rainy day fund. The fund should have at least three to six months of living expenses in case you or someone in your household loses a job or becomes ill and unable to work. </li>
</ol>
<h2>6 elementos para la lista de tareas pendientes de su nueva vivienda</h2>
<p>Ahora que se está adaptando a su nuevo hogar, hay algunas cosas importantes que debe
considerar. </p>
<ol>
<li><strong>Cree un presupuesto.</strong><br />
La clave para un buen presupuesto es incluir la mayor cantidad de información posible,
de manera que pueda prepararse adecuadamente y planificar. Es importante mantener
registros precisos de sus gastos para que pueda determinar los lugares a fin de ahorrar
dinero y saber cuánto puede gastar razonablemente. La hoja de trabajo de presupuesto
de la ABA (también disponible en español) le ayudará a documentar y clasificar sus
gastos.</li>
<li><strong>Proteja su propiedad.</strong><br />
Si usted es un propietario de vivienda o inquilino, necesitará tener un seguro para
proteger sus pertenencias. Consulte con su agente de seguros local, ya que puede
obtener un descuento si usted tiene cosas como cerraduras con pestillo, un sistema de
alarma, o detectores de humo, o si ya tiene una póliza con esa compañía, tal como un
seguro de automóvil. También, averigüe si se encuentra en una zona de inundación. Si
está preocupado por las inundaciones, tendrá que comprar una póliza de seguro contra
inundación por separado. Obtenga más información en floodsmart.gov.</li>
<li><strong>Proteja su seguridad.</strong><br />
Asegúrese de que todas las cerraduras de sus puertas y ventanas funcionan
correctamente. Si se le hace más cómodo, trate de instalar un sistema de alarma.
Además, verifique las alarmas contra incendio y monóxido de carbono una vez al mes
para asegurarse de que están funcionando. Si tiene una secadora, limpie las pelusas de
todo el sistema, desde la secadora hasta la tapa de ventilación exterior. La pelusa es
muy inflamable y presenta un riesgo de incendio.</li>
<li><strong>Tome su deducción de impuestos.</strong><br />
Asegúrese de conocer todas las deducciones de impuestos asociadas a su mudanza y
su nuevo hogar. Si utiliza una parte de su hogar para operar una empresa o se trasladó
a un nuevo trabajo, es posible que pueda tomar las deducciones. Los propietarios de
viviendas pueden deducir los intereses de las hipotecas, los impuestos a la propiedad y
los préstamos para mejoras en el hogar.</li>
<li><strong>Haga que su casa o apartamento sea su hogar.</strong><br />
Al decorar su espacio hará que sea más cómodo y personal. Si usted es un inquilino,
verifique con su arrendador antes de realizar cambios importantes como pintar las
paredes o cambiar los artefactos. Los inquilinos deben tomar fotografías del espacio en
alquiler antes de mudarse para documentar la condición existente e insistir en un último
paseo con el arrendador. Si usted es el propietario de la vivienda, sea inteligente acerca
de dónde invierte su dinero en mejoras para asegurarse de que está aumentando el
valor neto de su vivienda. Por ejemplo, las mejoras en la cocina y los baños por lo
general ofrecen la mejor rentabilidad de la inversión.</li>
<li><strong>Ahorre para cuando tenga un día lluvioso.</strong><br />
Aunque la vida puede ser soleada ahora, es una buena idea crear un fondo para los
días lluviosos. El fondo debe tener por lo menos tres a seis meses de gastos de
subsistencia en caso de que usted o alguien de su familia pierda su empleo o se
enferme y no pueda trabajar.</li>
</ol>587 Pointers to Help Seniors Live at Home Longerhttps://www.washtrust.com/Wash-Trust-Mortgage/Blog/PostId/57/help-seniors-live-at-home-longerTipsTue, 12 Jun 2018 13:04:35 GMT<p><img alt="" src="/Portals/0/Uploads/Images/blog_7_pointers_seniors.jpg" class="imageright" />The vast majority of older Americans want to remain in their homes as they grow older, also known as aging in place. Washington Trust is offering the following tips for those considering this option:</p>
<p><strong>Take a hard look at your finances. </strong>Arrange a meeting with a trusted family member or friend and a banker. It’s critical to understand your financial resources, how long they’ll last and what housing options are the most cost effective for you. Be sure to consider all costs associated with aging in place, including:</p>
<ul>
<li>Home modifications</li>
<li>Transportation to medical appointments, shopping and other errands</li>
<li>In home caregiver for house upkeep and medical purposes</li>
</ul>
<p><strong>Consider a reverse mortgage.</strong> Though not for everyone, a reverse mortgage loan can provide monthly cash payments based on your home’s equity.</p>
<ul>
<li>Learn more about Washington Trust’s reverse mortgage options.</li>
<li>For further consumer information on reverse mortgages, visit aba.com/consumers.</li>
</ul>
<p><strong>Assess your home and determine what modifications are necessary. </strong>While staying in your home is preferable for many, there are often design changes that must be made to ensure it’s also safe and comfortable.</p>
<ul>
<li>Make sure there is at least one step-free entrance to your home.</li>
<li>Update lighting inside and outside of the house so that all walkways and stairs are well lit. Clear pathways throughout house and firmly secure all carpets to the floor to prevent tripping.</li>
<li>If a bedroom and bathroom does not or cannot exist on the first floor, consider installing an elevator or chairlift. At a minimum, make sure you have handrails on both sides of your stairs.</li>
<li>Install grab bars in the bathtub, shower, or near the toilet.</li>
</ul>
<p><strong>Make security a priority. </strong>Older Americans are often targets for scams and other criminal behavior. Be cautious about who you allow in your home and disclose sensitive information to.</p>
<ul>
<li>Install up to date and easy to use locks. Make sure your front door has a peep hole or a security monitor so you can see who is outside.</li>
<li>Consult someone you trust when hiring a contractor, financial advisor, etc.</li>
</ul>
<p><strong>Look into community resources.</strong> If mobility is limited, look in to services offered in your area. Many communities have established non-profit programs that offer transportation and food delivery to assist older Americans at a reasonable cost.</p>
<p><strong>Be prepared for possible emergencies.</strong></p>
<ul>
<li>Keep a list of all emergency contacts on your refrigerator or by a phone.</li>
<li>Consider a Personal Emergency Response System. Transmitters can be worn as a bracelet or around your neck and require the simple push of a button to send a signal to a call center.</li>
<li>Have your address number visible from the street so emergency responders can easily identify your home.</li>
</ul>
<p><strong>Reevaluate every six months to make sure all needs are being met. </strong> As you age, your needs inevitably change. Take time twice a year, or as needed, to sit down with your trusted family or friend and make sure your current living situation is still the right one.</p>576 Tips for Saving for Your Down Paymenthttps://www.washtrust.com/Wash-Trust-Mortgage/Blog/PostId/56/6-tips-for-saving-for-your-down-paymentBuying a HomeThu, 07 Jun 2018 14:47:51 GMT<p><img alt="" src="/Portals/0/Uploads/Images/blog_downpayment_tips.jpg" class="imageright" />Before you can make the transition from renting your home to owning your home, you will need to have a substantial down payment, typically 5 to 20 percent of the home’s value. (The article is also available in Spanish below)</p>
<ol>
<li><strong>Develop a budget &amp; timeline. </strong>Start by determining how much you’ll need for a down payment. Create a budget and calculate how much you can realistically save each month – that will help you gauge when you’ll be ready to transition from renter to homeowner.</li>
<li><strong>Establish a separate savings account.</strong> Set up a separate savings account exclusively for your down payment and make your monthly contributions automatic. By keeping this money separate, you’ll be less likely to tap into it when you’re tight on cash.</li>
<li><strong>Shop around to reduce major monthly expenses. </strong>It’s a good idea to check rates for your car insurance, renter’s insurance, health insurance, cable, Internet or cell phone plan. There may be deals or promotions available that allow you to save hundreds of dollars by adjusting your contracts.</li>
<li><strong>Monitor your spending. </strong>With online banking, keeping an eye on your spending is easier than ever. Track where most of your discretionary income is going. Identify areas where you could cut back (e.g. nice meals out, vacations, etc.) and instead put that money into savings.</li>
<li><strong>Look into state and local home-buying programs. </strong>Many states, counties and local governments operate programs for first-time homebuyers. Some programs offer housing discounts, while others provide down payment loans or grants.</li>
<li><strong>Celebrate savings milestones. </strong>Saving enough for a down payment can be daunting. To avoid getting discouraged, break it up into smaller goals and reward yourself when you reach each one. If you need to save $30,000 total, consider treating yourself to a nice meal every $5,000 saved. This will help you stay motivated throughout the process.</li>
</ol>
<hr />
<h3>6 consejos para ahorrar para el pago inicial</h3>
<p>Antes de que pueda hacer la transición de alquilar su casa a ser dueño de su vivienda, tendrá que tener un pago inicial considerable, por lo general entre el 5% y el 20%% del valor de la vivienda.</p>
<ol>
<li><strong>Elabore un presupuesto y un cronograma. </strong>Empiece al determinar cuánto necesitará para el pago inicial. Cree un presupuesto y calcule cuánto puede ahorrar cada mes de manera realista – esto le ayudará a determinar cuándo estará listo para la transición de inquilino a propietario.</li>
<li><strong>Abra una cuenta de ahorros por separado. </strong>Establezca una cuenta de ahorros por separado exclusivamente para su pago inicial y realice sus contribuciones mensuales automáticas. Al mantener este dinero aparte, será menos probable que lo utilice cuando necesite efectivo.</li>
<li><strong>Averigüe sobre los precios para reducir los gastos mensuales importantes. </strong>Es una buena idea verificar las tarifas del seguro de su automóvil, el seguro para inquilinos, seguro de salud, cable, Internet o plan de teléfono celular. Es posible que haya ofertas o promociones disponibles que le permitan ahorrar cientos de dólares al ajustar sus contratos.</li>
<li><strong>Lleve un control de sus gastos. </strong>Con la banca en línea, llevar un control de sus gastos es más fácil que nunca antes. Determine hacia dónde se va la mayoría de sus ingresos discrecionales. Identifique las áreas donde podría hacer recortes (por ejemplo, comidas en restaurantes, vacaciones, etc.) y en su lugar, ponga ese dinero en sus ahorros.</li>
<li><strong>Busque programas estatales y locales sobre la compra de viviendas.</strong> Muchos estados, condados y gobiernos locales operan programas para los compradores de vivienda por primera vez. Algunos programas ofrecen descuentos para viviendas, mientras que otros ofrecen préstamos o subvenciones para el pago inicial.</li>
<li><strong>Celebre los hitos en sus ahorros. </strong>Ahorrar lo suficiente para el pago inicial puede ser abrumador. Para evitar desanimarse, divídala en pequeñas metas y recompénsese cuando logre cada una. Si necesita ahorrar $30,000 en total, considere recompensarse con una buena comida cada $5,000 ahorrados. Esto le ayudará a mantenerse motivado a lo largo de todo el proceso.</li>
</ol>56